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would you accept returning to the clinton rate of 39.6% or would you accept something perhaps a midpoint, 37% or starting with people who made $500,000 rather than 250? >> chris, there's a growing group of folks that are looking at this and realizing we don't have a lot of cards as a relates to the tax issue before year end. we have one house, that's it. the presidency and the senate's in the democrats' hands. i think it has merit, you give the president the 2% increase that he's talking about, the rate increase on the top 2%. and all of a sudden the shift goes back to entitlements. all of a sudden once you give him the rate on the top 2% it's actually lesser tax increases than what he's been talking about. the focus then shifts to entitlements and puts us in a place where we can do something that really saves this nation. so there's a growing body. i'm beginning to believe that's the best route to take to shift the focus where it needs to be, which is on entitlements. still, chris, the top 1% in our country taking 17% of the income and paying 37% of the taxes that are paid i hope will t
would you accept returning to the clinton rate of 39.6% or would you accept something perhaps a midpoint, 37% or starting with people who made $500,000 rather than 250? >> chris, there's a growing group of folks that are looking at this and realizing we don't have a lot of cards as a relates to the tax issue before year end. we have one house, that's it. the presidency and the senate's in the democrats' hands. i think it has merit, you give the president the 2% increase that he's talking...
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clinton looks worn down. that's it for america's new headquarters in washington. good-bye to our intern cally stewart, it's her last day. congrats and good luck. we'll miss you, happy hanukkah to those who have begun celebrating the festival of lights. >> chris: i'm chris wallace, two big issues today. the fiscal cliff talk stuck in neutral and concerns syria will use chemical weapons against it's own people. with 23 days and more posturing, will the white house cut a deal. we'll talk two senators on the front lines of the debate. democrat charles schumer and republican bob corker. then the u.s. draws a red line telling syrian president assad not to use chemical weapons in that country's civil war. we'll discuss the latest intelligence and fallout with michael oren. a fox news sunday exclusive. plus the supreme court agrees to take up same-sex marriage. we'll ask our sunday panel if the court is likely do decide whether gays have a constitutional right to marry and a final farewell to my best friend winston, all right now on "fox news sunday." hello again from fox
clinton looks worn down. that's it for america's new headquarters in washington. good-bye to our intern cally stewart, it's her last day. congrats and good luck. we'll miss you, happy hanukkah to those who have begun celebrating the festival of lights. >> chris: i'm chris wallace, two big issues today. the fiscal cliff talk stuck in neutral and concerns syria will use chemical weapons against it's own people. with 23 days and more posturing, will the white house cut a deal. we'll talk two...
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if the bush tax cuts lapse it goes to 39.6%, the rate under bill clinton. some say go to 37%. >> that's the deal that obama says he would come down to, 37. the republicans say raise medicare eligibility. the left is completing freaking out over raising medicare eligibility and the right is freaking out about the tax rates. so they have to decide. the administration is clear that the tax rates have to go up. obama has given in on this before and so there's pressure on him. there's a lot of pressure on house democrats so i think if they can come to some sort of agreement on the rate and if republicans are willing to push the other stuff to next year, that's a deal. i mean -- >> but i think what argues against a big deal that includes any sort of cuts for instance up front on the entitlement side is republicans, if tax -- tax rates are going up either way either because you're going over a cliff or because the president will force you into a deal. they don't want to take responsibility for the economic fallout that comes. so if they agree to a big deal that in
if the bush tax cuts lapse it goes to 39.6%, the rate under bill clinton. some say go to 37%. >> that's the deal that obama says he would come down to, 37. the republicans say raise medicare eligibility. the left is completing freaking out over raising medicare eligibility and the right is freaking out about the tax rates. so they have to decide. the administration is clear that the tax rates have to go up. obama has given in on this before and so there's pressure on him. there's a lot of...
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we are proposing to let the rates go back to clinton levels. that was a time of remarkably good economic growth in the country. strong private investment, strong job growth and strong growth in next. it was a good time for the american economy. makes a lot of sense. but in addition to that we propose to limit deductions for the top two percent of americans as well. we are willing to work with republicans on tax reform to create a more simple and fair system but only part of an agreement that has the rates go back up at the end of the year. >> 39.6%? >> and the reason eye why -- >> i understand the reason why. >> if you don't do that, you have to ask yourself where, whose taxes are you going to raise? where are you going to fine the money to bring a balanced plan in place that reduces our long-term deficit? >> how does that go for the economy if we go over the cliff? >> the american economy? >> yes. >> it would be very damaging. there's no reason it should happen. the only reason it would happen is if a group of members of congress decide they a
we are proposing to let the rates go back to clinton levels. that was a time of remarkably good economic growth in the country. strong private investment, strong job growth and strong growth in next. it was a good time for the american economy. makes a lot of sense. but in addition to that we propose to limit deductions for the top two percent of americans as well. we are willing to work with republicans on tax reform to create a more simple and fair system but only part of an agreement that...
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would you accept returning to the clinton rate of 39.6%? or, would you accept something, perhaps, a mid point, 37% or starting with people who make $500,000, rather than 250? >> well, chris, there is a growing group of folks, that are looking at this and realizing that we don't have a lot of cards as it relates to the tax issue before year end. i mean, we have one house, that is it. the presidency and the senate, is in the democrats' hands, and a lot of people are putting forth a theory and i actually think it has merit where you go ahead and give the president the 2% increase, that he is talking about, rate increase on the top 2% and all of a sudden the shift goes back to entitlements, and all of a sudden once you give him the right on the top 2%, it is actually much lesser tax increase than what he has been talking about, the focus then shifts to entitlements and maybe it puts us in a place where we actually can do something that really saves the nation, so, there is a growing body, i actually am beginning to believe that is the best rout
would you accept returning to the clinton rate of 39.6%? or, would you accept something, perhaps, a mid point, 37% or starting with people who make $500,000, rather than 250? >> well, chris, there is a growing group of folks, that are looking at this and realizing that we don't have a lot of cards as it relates to the tax issue before year end. i mean, we have one house, that is it. the presidency and the senate, is in the democrats' hands, and a lot of people are putting forth a theory...
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does he insist on raising the top rate from 35% all the way up to the clinton rate of 39.6%, or would he compromise on something lower, like 37%? is that negotiable. >> we will not extend an extension of the tax rates for the top 2%, we think they should go back and need to go back to clinton levels and let me explain why. >> chris: i just -- to answer my question, specifically, you are saying nonnegotiable, 39.6%. >> we think that is the way to do it. if you don't do that, it costs a trillion dollars, roughly a trillion dollars over ten years. >> chris: not if you went to 37%. >> again, but you are -- >> that is one of the ideas, out there, sir, i'm not making it up. >> that is out there, and again we are proposing to let the rates go back to clinton levels and that was a time of remarkably good economic growth, in the country. strong private investment, and strong job growth, strong broad-based growth in incomes, and, it was a good time for the american economy and in addition we propose to limit deductions for the top 2% of americans as well and are willing to work with republicans
does he insist on raising the top rate from 35% all the way up to the clinton rate of 39.6%, or would he compromise on something lower, like 37%? is that negotiable. >> we will not extend an extension of the tax rates for the top 2%, we think they should go back and need to go back to clinton levels and let me explain why. >> chris: i just -- to answer my question, specifically, you are saying nonnegotiable, 39.6%. >> we think that is the way to do it. if you don't do that, it...
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ronald reagan and throughout the clinton era. john: george w. bush hired 86,000 more regulators. >> banking is one of the most regulated industries if not the most. the problem was not deregulation but we had a crisis caused by a massive industry in real-estate due to policies to seven everybody encouraged to take out a mortgage. there will intended. they crafted the bill. logic says this will protect us? >> dodd/frank does not end the bailout are too big to fail. john: all this? that is left in here and even encouraged because it implies some banks will be bailed out. >> right. when you say the bank is systemic you say it is an institution to big and important and critical to allow to be left 57 they have labeled them systemic. it shows what happens and white increases the risk. the big banks can borrow money more cheaply because they think the government will bail them out. >> creditors know they will not be bailed out if they fail so they give them money at it cheaper rate. >> jpmorgan chase pays $4 interest but the small bank pays $70 $0.50.
ronald reagan and throughout the clinton era. john: george w. bush hired 86,000 more regulators. >> banking is one of the most regulated industries if not the most. the problem was not deregulation but we had a crisis caused by a massive industry in real-estate due to policies to seven everybody encouraged to take out a mortgage. there will intended. they crafted the bill. logic says this will protect us? >> dodd/frank does not end the bailout are too big to fail. john: all this?...